Solar Market in India is growing rapidly and with this growing Market, competition is also growing. While costs increase for growing businesses, they face more competition from smaller and newer businesses which wants to supply the products at cheaper prices to gain market entry and on the other hand, bigger companies don’t want them to compete.
Many business owners wonder how to stay competitive. There are many businesses in other industry that have beaten the market with their unique value proposition and marketing skills. We are going to list out 5 ways to stay competitive at the Solar Business.
1. Make the Brand: When it comes to competitive pricing, which is the case with solar now, customers tend to buy from the company, whose name is present in the market. Brand is the best way to beat the competition. In electronics, Apple is considered an ultimate brand, even though there are cheaper phones in the market, people aspire to buy products from Apple.
2. Emphasize on Service and Quality: Every customer knows that buying solar is a long term investment. So they would want a product which will last long and they are definitely looking for the company which will deliver them better service. So here you can beat the customers by offering better quality components and reliable service.
3. Reach out to newer Markets: Many businesses lack reliable power and they don’t know how new policies can help them become independent on their energy needs. Reach out to them - explain the benefits, help them get financing, help them get benefits from the government, this gain trust with them. This will also help you get better margins.
4. Ask for referrals from your existing customers: Referrals will always generate more business. It will make your business trustworthy. New businesses will not go for cheaper option then yours, because of the reference.
5. Know your competition: You can choose which fight you want to win and which you can't. That way you can stay smart and grow faster. When there is a smaller company looking to undercut your price, you can buy the products in bulk and beat the pricing.
In the end, I would say, Solar Business is growing in India and competition is going to grow. You need to take action on how you are going to stay profitable and still grow in this Industry.